CMA Off-Cycle Analyst Programme

ING Capital Markets & Advisory Off-cycle Analyst Program (January 2026 for 6 months)

Corporate Finance / M&A ~ Acquisition Finance ~ Debt Capital Markets ~ Loan Syndication ~ Loan Sales

Application closing date: 12th October 2025

Expected start date and duration: 2nd January 2026 for 6 months (full time)

Summary: 

Opportunity to join the 6-month off-cycle Analyst Program in ING’s London Capital Markets & Advisory Group, within one of its departments. 

When applying, you will be able to select your top three preferences from the teams below:

Corporate Finance/M&A

Acquisition Finance

O    Liability Management

Loan Syndication

Loan Sales Desk

Debt Capital Markets (with the option to select one or more of the following sub-teams): 

o    High Yield Origination

o    High Yield Syndicate

o    Sovereign Supranationals & Agencies / MTNs 

1) Corporate Finance / M&A
Corporate Finance team in London comprises of over 30 professionals and provides advisory services on a wide range of M&A deals including buy-side, sell-side, buy-outs, and capital raise transactions. The team primarily covers the EMEA region across various sectors including Energy, Commodities & New Technologies, Transport & Infrastructure, TMT, Food & Agriculture, Private Equity Advisory and Financial Institutions. Main tasks include carrying out market and industry research, preparing company profiles and marketing materials, conducting financial statement analysis, forecasting business and financial performance of target companies, and preparing simple valuation models (DCF, relative valuation). 

2) Acquisition Finance
Acquisition Finance team supports Private Equity and corporate clients by providing debt financing solutions for Leveraged Buyouts and recapitalisations. The team originates and executes transactions across industries for some of the world’s most sophisticated investors, consistently ranking within the top 10 Leveraged Finance Bookrunners in EMEA with a strong presence across Europe, North America and Asia (London team covers the UK, Italy, Nordics and CEE regions). You will regularly work alongside Capital Markets teams (e.g. High Yield DCM and Loan Syndicate) to structure and underwrite loan and high-yield bond solutions. Responsibilities include sourcing new opportunities, building LBO models, reviewing due diligence, preparing pitch materials, and contributing to credit papers and valuation analysis.

3) Debt Capital Markets
The Debt Capital Markets team in London spans High Yield Origination, High Yield Syndicate, Sovereigns & Agencies, MTNs/ Private Placements, and Liability Management. The role involves executing bond transactions, advising clients on deal structuring and documentation, and preparing investor materials. You will gain exposure to bond pricing, market dynamics, interest rates, and swaps, while working closely with clients, lawyers, and internal teams. Key tasks include market updates, comparable analysis, and cross-team collaboration to identify new opportunities and educate stakeholders on product and market developments.

4) Loan Syndication
The Loan Distribution Group is a dedicated distribution platform for all of ING’s financing activities in the primary and secondary loan markets and also covers the insurance market as risk and/or capital distribution tool. The London team, comprised of over 25 professionals, covers the EMEA region across Leveraged Finance, Real Estate, Corporate and Financial Institution-related transactions from a capital markets perspective and supports the wider Sector & Lending teams from a loan sales and insurance market perspective. Main tasks include assessing transactions, performing key credit analysis, preparing syndication advice, reviewing legal documentation, following loan market dynamics, preparing market updates, investor and comparables analyses, and/or looking after all transaction management aspects during syndication or the binding of insurance coverage.

5) Loan Sales
The Loan Sales team interacts with the global loan investor community which includes other banks, insurance companies, pension funds or investment managers, for all debt transactions where loans and loan-based products are distributed. Transactions include primary loan syndications or secondary loan sales across a wide range of sectors. Main tasks include assisting the primary syndication process from launch to closing (including internal checks, data room and syndication materials preparation), the preparation of pitches, liquidity analysis, league tables, market overviews and reports for both primary and secondary loan activity, assisting the secondary loan desk with both internal and external secondary loan market enquiries.

Essential Requirements:

• Availability for full-time work over a 6-month period (January to July 2026) 
• Preference for recent graduates or students in their final year of study, with an excellent academic track record and on course for 2:1 or higher
• Prior experience through internships is of added-value but not a pre-requisite
• Strong interest in at least one of the areas covered above
• Excellent communication skills in English, both written and verbal
• Strong numerical ability and analytical thinking
• A proactive mindset with an eagerness to learn and thrive in fast-paced environments
• Exhibit core ING values: candidates should be willing to take initiative, collaborate with others and think innovatively
• Must have the right to work in the UK by the start of employment
• Foreign languages are advantageous but not a pre-requisite

Your Application Must Include:

• Cv

• 1 page cover letter – must include your top 3 team choices

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